Understanding More About Prenuptial Agreements

Getting married is a huge step to take with your partner and whilst planning your big day, you will have lots of things to think about. From finding a venue to buying outfits, there is so much to plan. However, for some, a visit to a family law solicitor will be an important step during these wedding planning stages. Whilst it may seem like a strange thing to do, if you’re wanting to draw up a prenuptial agreement then it is essential. 

Of course, no one agrees to take someone’s hand in marriage expecting to separate later down the line, but it is becoming increasingly popular for people to enter into a prenuptial agreement before saying ‘I do’. If you’re getting married soon and you hadn’t even considered an agreement of this type, but you think it would be beneficial to find out more, keep reading today. Our team out family solicitors in South West London have put together some information about prenuptial agreements that will be helpful to you. 

What is a prenuptial agreement?

Simply put, a prenuptial agreement is an agreement/contract between two people that clearly sets out how their assets, including their money, property and personal belongings, will be distributed between them should they get a divorce. Commonly, this agreement is used to protect specific assets and prevent them from being shared. 

You will also hear this agreement referred to as a ‘prenup’.

Why do people get prenups?

The main reason why people get a prenuptial agreement is because they want to have control over what happens to their assets if their marriage ends. Without a prenup, there is no guarantee that you will be happy with the way that things are divided when settling the divorce and, for some, it is the only way to ensure that their assets are protected. 

Generally speaking, here in the UK, the starting point for dividing assets in a divorce is sharing them 50/50. However, things do differ quite dramatically on a case by case basis and the division of assets will depend on multiple different factors. It is important to note that it is possible that one person will get a much greater share. 

Who can benefit from a prenup?

Contrary to popular belief, these agreements aren’t just for those who are incredibly wealthy and they can be incredibly beneficial to many different people. There are a few common reasons why people turn to a prenup, including; 

  • When one partner has significantly more assets than the other 
  • When one partner is a business owner 
  • When you’re marrying later in life 
  • When you have children from a previous marriage
  • When you want protection from your partner’s debt
  • When you want to avoid arguments if you get a divorce

If you’re ever unsure as to whether a prenatal agreement is right for your individual situation, a family law team will be able to provide you with some legal advice and their professional opinion.

Are prenuptial agreements legally binding?

Whilst a prenup isn’t automatically legally binding here in the UK, it will be upheld in court as long as it meets all of the required qualifying criteria. An important piece of criteria to be aware of is that both parties must have received legal advice, so it is essential that you turn to a family law solicitor for your prenuptial agreement. 

When does a prenup need to be signed?

You should be aware that a prenuptial agreement has to be signed before you get married, so it is important that you sit down with a family law solicitor before your ceremony. If you’re already married and you’re wanting an agreement then you should look into getting a ‘postnuptial agreement’. This is very similar but it is simply created after marriage. 

Finding a family law solicitor to help with a prenup 

Hopefully, you will now know a little bit more about prenuptial agreements and you can now take some time to consider whether it is something you’d like to have before you marry your partner. Of course, there is no right or wrong answer in this regard and it may be worth having an open and honest discussion with your partner before making an educated decision as to whether it is right for you and your individual circumstances. 

If you have any additional questions or you need assistance from a family law solicitor in East London, or any of the surrounding areas, please visit the Location Lawyer website today. Here, you will be able to find a family law specialist who will be able to provide you with the tailored advice that you’re looking for. This is such a sensitive area of law that requires consideration, close attention to detail and an ability to cater legal skills to a case-by-case basis, so when you choose any of the law firms on the Location Lawyer website, you can trust that you will be in the best possible hands.